KakaoBank shares tumble on Kookmin Bank offloading and fear of losing chat transfer
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Kospi-trading KakaoBank shares fell 8.3 percent to 28,600 won ($20.74) as of 2:10 p.m. Friday after hitting as low as 27,150 won, off nearly 28 percent from the initial offering price of 39,000 set in July last year.
The bank stock has been skidding for most of the week.
Kookmin Bank, the third largest shareholder in the online bank, offloaded 14.8 million shares in an after-trading hours deal for 28,704, or 8 percent discounted from Thursday closing
Kookmin Bank held 38.09 million shares of KakaoBank as of June 30.
Its dumping added to the speculation that money transfer through the chat platform could be banned if the revised Electronic Financial Transactions Act is passed.
Investors were not entirely relieved even after the Financial Services Commission in a statement said users will be able to continue using the wire transfer feature under the revised bill.
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